Resources

A selection of the tools we build and the research we conduct to inform our investment and trading decisions.

Featured

Announcing Electric Capital’s Newest Partner: Ren

Announcing Electric Capital’s Newest Partner: Ren

We are excited to announce that Ren has been promoted to Partner at Electric Capital. In keeping with our unique approach of hiring engineers instead of investors, Ren is also an engineer and will continue to ship code along with his investment responsibilities. Ren is an engineer who supports founders to build new, sustainable crypto protocols. Ren invests in emerging technologies that expand what is possible for users. He drove our investments in Tonk, Monad, Ellipsis, and Solana. Tonk uses zero-knowledge tech to enable developers in a variety of applications. Monad gives users fast finality at very high throughput by building the world’s best parallelized EVM. Ellipsis is the #1 CLOB on Solana and offers users better liquidity opportunities at low costs.

Announcing Electric Capital’s New Partner and Head of Founder Platform: Thuan Le

Announcing Electric Capital’s New Partner and Head of Founder Platform: Thuan Le

We are excited to announce Thuan Le’s promotion to Partner and Head of Founder Platform at Electric Capital. Thuan Le is the heart of Electric’s Founder Platform. Thuan connects founders with the expert resources they need to thrive. She creates opportunities for founders to learn and unwind at Electric’s Founder Summit. She adds a human touch to all of our engagements, from designing custom swag to sending gifts for founders’ new babies. Thuan also builds the broader crypto community by hosting dozens of open cafes and events at global conferences like EthCC, Solana Breakpoint, Token2049, and more.

Developer Report 2023

Developer Report 2023

We fingerprinted 485 million code commits across 818k open-source repositories to create this year's Developer Report. While developers overall are down 24%, the most valuable segment of developers (2+ year tenure who contribute the most code) continues to steadily grow. Crypto is now clearly Multi-chain. Crypto is global, and the US continues to lose developer share.

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Announcing Electric Capital’s Newest Partner: Ren

We are excited to announce that Ren has been promoted to Partner at Electric Capital. In keeping with our unique approach of hiring engineers instead of investors, Ren is also an engineer and will continue to ship code along with his investment responsibilities. Ren is an engineer who supports founders to build new, sustainable crypto protocols. Ren invests in emerging technologies that expand what is possible for users. He drove our investments in Tonk, Monad, Ellipsis, and Solana. Tonk uses zero-knowledge tech to enable developers in a variety of applications. Monad gives users fast finality at very high throughput by building the world’s best parallelized EVM. Ellipsis is the #1 CLOB on Solana and offers users better liquidity opportunities at low costs.

Announcing Electric Capital’s New Partner and Head of Founder Platform: Thuan Le

We are excited to announce Thuan Le’s promotion to Partner and Head of Founder Platform at Electric Capital. Thuan Le is the heart of Electric’s Founder Platform. Thuan connects founders with the expert resources they need to thrive. She creates opportunities for founders to learn and unwind at Electric’s Founder Summit. She adds a human touch to all of our engagements, from designing custom swag to sending gifts for founders’ new babies. Thuan also builds the broader crypto community by hosting dozens of open cafes and events at global conferences like EthCC, Solana Breakpoint, Token2049, and more.

Developer Report 2023

We fingerprinted 485 million code commits across 818k open-source repositories to create this year's Developer Report. While developers overall are down 24%, the most valuable segment of developers (2+ year tenure who contribute the most code) continues to steadily grow. Crypto is now clearly Multi-chain. Crypto is global, and the US continues to lose developer share.

Developer Report - October 2023 Update

There are 19.3K active crypto developers, down 27% year-over-year as newcomers leave, though developer counts are up 66% vs. the last bear market. Developers with 1+ years experience now contribute over 70% of code. Those still active tend to have more commits, work more days, and have longer crypto tenure than those who left. The upcoming Report will analyze the crypto developer ecosystem.

Enrique Herreros

CFTC Goes After DeFi: Key Takeaways for Founders

On September 7, 2023, the Commodities Futures Trading Commission (CFTC) announced settlements of enforcement actions with 3 decentralized exchanges (DEXs): Opyn, ZeroEx, and Deridex. Here are key takeaways for founders.

Top 5 Bear Market Bets with Avichal Garg & Sanjay Shah

Bear markets are a true test of conviction. They offer an opportunity to challenge assumptions, refine theses, and strategically place bets for the upcoming market upswing. As veteran crypto investors, Avichal and Sanjay are no strangers to these challenges. So, what strategies are they deploying during this bear market?"

Proposed Digital Asset Market Structure Bill

The Proposed Digital Asset Market Structure Bill is an important step towards US regulatory clarity for digital assets, and provides an opportunity for Congressional engagement with hearings in various House Committees to discuss digital assets and the Proposal’s ideas.

What the SEC's lawsuits against Binance and Coinbase mean for crypto

The SEC has sued Binance and Coinbase for operating unregistered securities exchanges and offering unregistered securities, including their staking programs. What does this mean for crypto?

Why Our Investment Thesis Hasn't Changed

Avichal Garg joined Haseeb Qureshi to explain their investment frameworks and why their crypto thesis hasn't changed. We talk about the US crypto exodus, mental models for investing, why TAM (total addressable market) is useless, investing in private vs public markets, what crypto got wrong, and more.

Searching the World’s Computer with Ren Cryptofish and Gary Thung

This Is Not the End of Crypto in the United States

Electric Capital General Counsel Emily Meyers joins Unchained to read between the lines of an action-packed week for Gary Gensler’s SEC. Meyers lends her lawyerly eye to the key differences between the two lawsuits, the SEC’s potential strategy, and whether federal legislation will beat the courts in providing clarity.

-1 to 0 in the Founder Journey

Most founders are familiar with the idea of transitioning from 0 to 1. However, too few pay adequate attention to the stage preceding it: transitioning from -1 to 0. We were excited to host a panel of experts on this critical part of the founder journey during SF TechWeek. The panel featured Avichal Garg, Managing Partner at Electric Capital; Peter Reinhardt, Co-founder and CEO of Charm Industrial; Ruchi Sanghvi, Founder and Partner at South Park Commons; and Aditya Agarwal, also a Partner at South Park Commons.

Understanding Rollup Value Accrual

We explore L2 chains value accrual. Key areas include intra-domain and cross-domain good MEV, gas pricing for spam protection and profit, congestion costs, and innovative app-specific rollup business models.

Announcing Electric Capital’s New General Partners: Ken Deeter and Maria Shen

We are excited to announce that Ken Deeter and Maria Shen have been promoted to General Partners at Electric Capital. All of Electric Capital’s Partners are engineers.

Electric Capital

Developer Geography Data

We analyzed where open-source crypto developers are located. Our data suggests that the U.S. is losing its lead in blockchain developers.

Electric Capital

Elad Gil, Akash Garg, & Rebecca Rettig join as Electric Capital Advisors

Renowned investor and founder Elad Gil, CPO of Polygon Labs Rebecca Rettig, and former CTO of Afterpay Akash Garg join Electric Capital as advisors to help crypto founders scale to 1 billion users.

Electric Capital

2023's Biggest Crypto Catalyst, Next 100x Sector, ETH, ADA & More with Avichal

Miles Deutscher interviews the biggest minds in the crypto industry every week, starting with Avichal Garg of Electric Capital.

Why Crypto Developer Activity Continues to Grow Despite the Bear Market

Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report on the Unchained podcast.

Developer Report 2022

We fingerprinted 250 million code commits across open-source repositories to create the 2022 Developer Report.

Deverloperreport.com

Public live dashboard with the most important metrics and charts in crypto, including a breakdown of different ecosystems and developer geography data.

Electric Capital

De-broing Crypto with Emily Meyers

This week's, Reshma and Nihal talk to Electric Capital's General Counsel Emily Meyers about the risks and opportunities around potential crypto regulation.

De-broing Crypto

The Unstoppable Podcast - Ep. 155

The Unstoppable Podcast talks with Electric Capital Design Partner Elizabeth Laraki about user experience and design in Web3.

NFTs Will Bring Crypto to Billions of Users

Avichal Garg, the CEO and co-founder of Electric Capital, defines himself as “an NFT maximalist,” who believes that nonfungible tokens (NFTs) will play an essential role in bringing crypto to the masses. Unlike other crypto niches, NFTs are relatable to aspects of everyday life such as art, music and games.

The DeFi State w Haseeb & Avichal

Hashflow's "The DeFi State" 3rd episode features Haseeb Qureshi from Dragonfly Capital and Avichal Garg from Electric Capital - for an epic debate on the future of compliant DeFi!

Jay Clayton, Kevin Warsh, Pratiti Raychoudhury Join as Electric Advisors

Jay Clayton, Kevin Warsh, and Pratiti Raychoudhury have joined as Electric Advisors to support Web3 founders. They will work with founders to navigate the regulatory landscape and build crypto-enabled applications that scale to billions of users.

Electric Capital

Programmer-Centric Crypto Investing at Electric

This episode covers Avichal’s career as an operator, influence on his investment approach, conviction in crypto, and opportunities in today’s markets. They cover Electric’s investment strategy, differentiated team structure, investment examples, and the future of crypto.

Capital Allocators

Engineers have to run the show when it comes to Web3

Avichal sits down with Denelle to discuss reorienting human organizations to take advantage of this new infrastructure, being thoughtful about partnership and giving Web3 founders advice, and even shares a bit of history about the origins of corporations which brings us to the present day and DAOs.

The Trillion Dollar Opportunity to Reshape Money

Avichal Garg, founder of Electric Capital, joins Erik on this episode.

Proof Roundtable Discussion: Derek Edwards Schloss and Maria Shen

Derek Edwards Schloss, Maria Shen, and Kevin Rose sit around a table and discuss what's going on in the wide world of NFTs. You might even be inclined to call this a PROOF roundtable discussion! Just don't call it a comeback!

Electric Capital joins the Crypto Council for Innovation

Before we onboard the next billion Web3 users, we need clear, appropriate, and novel regulatory and tax frameworks that unlock innovation and provide users clarity. To support this mission, we’ve joined the Crypto Council for Innovation (CCI).

Electric Capital

Software ate the world. It will eat venture capital too.

Software has eaten the world. Software companies acquire more customers, have better margins, and are able to deliver novel services to customers. Because software has become the critical business lever in every market, every company must become a software business.

Electric Capital

The Twenty Minute VC

Why Crypto is Software Eating Money, Why Crypto Firms Will Outcompete Traditional Venture Firms, How To Price Tokens and When To Have Them, DAOs: How Are They Structured and What Makes One Successful with Avichal Garg, Co-Founder @ Electric Capital

Announcing Our $1 Billion Raise & Ideas We Are Looking to Fund

We raised $1 billion to fund crypto networks, Web3 protocols, and blockchain-enabled businesses. A new economy is developing on top of the programmable money stack. In this article, we outline the 5 key trends we believe will emerge and are looking to fund as the Web3 economy develops.

Electric Capital

The Ben Shapiro Show Sunday Special - Ep. 123

In this episode, we’ll dive into the cryptocurrency phenomenon and evaluate the naysayers and their critiques of this new alternative and the coming financial industry revolution. We’ll also dive into our thoughts on the government’s discussions to back their own crypto coin, and whether to approach crypto more as a currency or a commodity.

The Unstoppable Podcast - Ep. 118

The Five New Frontiers for NFTs in 2022 with Maria Shen from Electric Capital.

Josh Gordon & Matthew Gould

Around The Block Podcast - Ep. 12

Crypto Developer Count Hits All-Time Highs w/ Electric Capital’s Maria Shen.

The Best Business Show with Anthony Pompliano - Ep. 123

Pomp discusses with Avichal Garg, Partner at Electric Capital, a wide range of topics from Bitcoin, Finance, Cryptocurrencies & everything in between.

Anthony Pompliano

Unchained Podcast - Ep. 306

Electric Capital’s Maria Shen dives into her company’s recently published research report about Web3 open-source development in 2021.

Unchained Podcast

Developer Report 2021

We fingerprinted nearly 500K code repositories and 160 million code commits across Web3 to create the 2021 Electric Capital Developer Report.

From Digital Oil to a Digital Nation

There are five compelling Ethereum narratives in market today: ETH is a Digital Commodity, ETH is a Non-Sovereign, Digital Store of Value, Ethereum is a Payment Network, ETH is a Productive Financial Asset, Ethereum is a Digital Country and ETH is a Reserve Currency.

Five New Frontiers for NFTs

NFT art volume shot up to over $200M in March this year on some of the largest marketplaces, only to fall 50% in April. To detractors, this is the “end of NFTs”. However, art is the tip of the iceberg and we are rapidly seeing new use cases for NFTs.

Crypto Market Map: Community Edition

Our latest update includes over 100 new projects (with over 830 total projects) and a new format in Airtable.

Our Response to Proposed Rules from FinCEN and the Dept. of Treasury

Electric Capital recently submitted comments during FinCEN’s open comment period for proposed rules documented in Docket No. FINCEN-2020–0020, RIN 1506-AB47. We have republished these comments below.

Electric Capital

Developer Report 2020

The Developer Report deeply analyzes developer activity across all open source crypto ecosystems.

The Case for Collaboration

Why the US Government and Crypto Ecosystem Must Work Together

Electric Capital

Announcing Our $110M Seed & Series A Fund

We are pleased to announce the close of Electric Capital’s second fund, a $110M Seed and Series A fund, focused on cryptonetworks and blockchain enabled businesses.

Electric Capital

Electric Conversation with Investor Elad Gil

Elad Gil chats with early crypto and blockchain founders at Electric Conversations.

Electric Capital

Crypto Market Map H1 2020

We’ve added over 200 projects and companies to our crypto and blockchain ecosystem market map since we first published it last year.

What would it take to start a web browser today

John Lilly, former CEO of Mozilla, answers a question on why it's difficult for new browsers to gain marketshare today. He sits down with crypto founders at a dinner for Electric Conversations.

Electric Capital

DeRisking DeFi: Guarded Launches

A string of recent successful attacks on the $850M Decentralized Finance ecosystem has highlighted the need for better risk management.

Crypto Market Map H1 2019

We categorized and organized over 500 projects and companies in the crypto and blockchain ecosystem to produce a market map.

Electric Capital

2020 Q1 Investor Update

An excerpt from our quarterly letter to limited partners in Electric Capital.

Electric Capital

Developer Report H1 2019

We fingerprinted 27,000+ code repositories and 22 million code commits to create this H1 2019 Developer Report.

Electric Capital

Balaji Srinivasan on crypto Earn com and being CTO at Coinbase

Balaji Srinivasan talks about his work at Coinbase, his experience building Counsyl, Earn, Teleport, and Coin Center as well as the future of Silicon Valley.

Electric Capital

Blake Scholl on supersonic airplanes and how he built a $1B company

Blake Scholl talks about his experience building a commercial, supersonic airplane at Boom. Boom has raised $150M and is slated to fly the fastest non-military plane ever built at the end of 2019.

Electric Capital

Avichal on The Twenty Minute VC

The two core areas value will accrue in crypto, why crypto will drive the recentralization of talent back into Silicon Valley, and why regulation is the opposite of what we should be concerned by in crypto with Avichal.

Electric Capital

Developer Report H2 2018

We fingerprinted 20,000+ code repos and 16M commits to create this Q1 2019 Dev Report. We are excited to introduce this as the first of a series of reports that dig in to where crypto developers are focused.

Electric Capital

Programmable Money

The Programmable Money Technology Stack is the Most Valuable Segment of the Cryptocurrency Market

Electric Capital